First Time Home Buyer Programs

Ask us about our low and NO down-payment plans!

Do you dream of buying your first home?  Our experienced mortgage team is here to make it easier for you to buy your first home with financing programs specifically for first time homebuyers.  Eligible first-time homebuyers can benefit from fixed-interest rates and low or no down-payment requirements.  Our team will work with you to identify the best mortgage options for you.

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BONUS BENEFIT for ALL Home Buyers!

If you have not held an ownership interest in a home for the past 3 years, you may be eligible for a first-time homebuyer mortgage.  

Our goal is to make you feel as comfortable as possible by answering your questions, keeping you informed, and explaining your options.  You can feel secure knowing Kennebec Federal Savings provides:

  • Approval in minutes, not days
  • Reduced paperwork
  • No application fee
  • Option to “lock” your interest rate upon application
  • Competitive interest rates
  • Local decisions

Maximize Your Down Payment with Kennebec Federal Savings!

With the KFS Down Payment Savings Program, you have the opportunity to double the interest you earn on your Down Payment Savings account AND get an extra $500 bonus to be used toward closing costs or down payment on your KFS mortgage loan.*

  • Meet with a Lender to learn about the program, find out how much you should save, and set up a Down Payment Savings plan.
  • Save for your dream home while earning one of the highest interest rates in the area.
  • Once you get closer to realizing your down payment savings goal and purchasing your new home, a KFS Lender will help you prepare to buy your home by pre-approving you for a loan.

*Property must be located within KFS’s lending area and must be occupied as your primary residence. Business entities and purchasers of investment properties are not eligible to participate.

At Kennebec Federal Savings, you'll find  financing programs specifically designed for first-time homeowners. Among these options are:

  • VA Loan . . . Requiring no down-payment, this type of loan is guaranteed by the U.S. Department of Veterans Affairs (VA) as a way to supply home financing to eligible veterans. More information is available here:
  • FHA Loan . . . Insured by the Federal Housing Administration (FHA), this type of loan allows you to qualify with a down-payment of as little as 3.5% . More information is available here:

Preliminary Information Needed for Your Loan Application

  • Employer(s) name, address, and phone number for the past 2 years
  • W-2’s for the past 2 years
  • Pay stubs covering wages for the most recent 30-day period
  • Last 2 statements for all deposit accounts—checking, savings, investment, IRA, etc.
  • If self-employed, the last 2 years’ signed and dated personal and business tax returns (if applicable) with all schedules attached
  • If you currently rent, the landlord’s name and address for the past 2 years.

Get More Help!

Need more assistance regarding your first-time homeowner mortgage? Contact us!  We are happy to help!


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